Last night, the S&P 500 futures opened the globex session at 2073.00 down one handle and showed weakness early, trading down and making a session low of 2064.25 early in the Asian session, 10 handles from Friday’s close. From there, the futures rallied into the Asian close and Euro open before popping higher at the 3:00 CT globex pivot time we refer to. The S&P continued on that strength, making a high late in globex of 2078.75 up 14.50 handles from its session low.
At the regular trading hours open, the S&P futures opened at 2077 just off its globex high and traded 7 ticks lower before powering its way higher in an upward grind that would last the duration of the session, makings its cash session high of 2100 during the last hour before hitting some late day resistance there on a $336 million market-on-close buy imbalance. The ESZ15 settled the session at 2094.75.
Heard across the news wires was the Fed’s Williams: while giving a speech, he did not give hint toward policy. Also was the Atlanta FED adjusting their GDP projections for this quarter low in the midst of disappointing manufacturing and sales data.
The calendar tomorrow is light both overseas and in the U.S. but interestingly, the ECB’s Mario Draghi speaks at 2:00 pm EST. Today was a return of mutual fund Monday on the first trading day of a new month that is seasonally strong. With the S&P futures up so much and strong today, but facing the 2100 pivot, we are expecting some give back tomorrow on a turn-around Tuesday trade, but at the same time, seeing any 10 handle pullback an opportunity to reinstate long positions.
Floor Pivots For Tomorrow’s RTH E-mini
R3 2139.50
R2 2114.75
R1 2104.75
PP 2090.00
S1 2080.00
S2 2065.25
S3 2040.50
Tomorrow’s Notable Earnings: 1-800-Flowers.Com Inc (O:FLWS) Archer Daniels Midland Co (N:ADM) CBS Corp (N:CBS) Coca-Cola Bottling Co Consolidtd (O:COKE) Devon Energy Corp (N:DVN) Dennys Corp (O:DENN) Emerson Electric Co (N:EMR) Gain Capital Holdings Inc (N:GCAP) Herbalife LTD (N:HLF) Hyatt Hotels Corp (N:H) McGraw Hill Financial Inc (N:MHFI) Office Depot Inc (O:ODP) Papa John’s International, Inc. (O:PZZA) Red Robin Gourmet Burgers (O:RRGB) Scotts Miracle-Gro Co (N:SMG) Silver Wheaton Corp (N:SLW) Sprint Corp (N:S) Taser International Inc (O:TASR) Tesla Motors Inc (O:TSLA) Zillow Group Inc (O:ZG) Zynga Inc (O:ZNGA).